General insurance Are insurance companies government owned

[Phabbyfundz]

I would say that since insurance is a matter concerning the citizens ,government officials, even civil servants, government doctors and workers , I would like to know if this insurance companies are owned by the government as a means for helping citizens who pay a stipulated amount of money at a said time (weekly, monthly or yearly) over a period of time against any unfortunate event or unforseen disaster.
As the importance of insurance companies cannot be overemphasized and is a matter which concerns the citizens is it the government that runs this insurance companies or is left to private individuals or companies or even foreign based individuals to handle. And how are the insurance companies regulated if it is mainly owned by private investors, Individuals or private companies.
Is the government actively involved in insurance.

 

[Mandy96]

Insurance companies that I know of, are private owned. Well I have always asked myself a question of, can a business like that be managed by government. Because the well known of them are not publicly run. I think the fun of it is the fact that the coverages are discharged privately

 

[btaliat]

Most insurance companies are privately owned but they are regulated by the government. In my country, we have a body known as National Insurance Company of Nigeria which is responsible to regulate the activites of the insurance companies in the country. Indirectly, government can be said to be involving in insurance.

 

[Nite]

They are mostly privately owned. But whether it's private or government, both has its own strengths and weaknesses. Privately owned insurance companies are said to be a little more flexible than government ones. The final decision is upto the one who wants to get insured, and what benefits that person would like to avail.

 

[Augusta]

Insurance company to the best of my knowledge are privately owned by individuals. But I think the government somehow still get involved because the company needs to be registered which is about the government and they need to follow the instructions or rules of the government. So it is privately owned

 

[AfriPeeps Official]

The answer to the question you are asking solely lies primarily in who owns the company. One sure thing is that Insurance companies, including life insurance companies, are known to be generally owned in one of two main ways, which is either by external investors - stockholders - or by their policyholders.

 

[Chibson]

not every insurance company is owned by the government but there are some that is being managed and financed by the government and i think that kind of insurance is much more better and you stand a lot of chance. In my country, national health insurance is being given to people working at the federal level because it is being deducted from their salaries.

 

[btaliat]

Just like a commentator commented before me, most time the national health insurance in all countries are mostly owned by government. This is because the insurance always cover the health of people that are working for the government including their families most of the time. While other insurances are not publicly owned.

 

[Wisdom01]

Not all are government owned , I think the ones I know of are privately owned and many are been run by the government , since the government places total regulation and control over their affairs I think , and that's why it's best to pick a better insurance company to cover your risk